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United States
Securities and Exchange Commission
 Washington, D.C. 20549
 Form 10-Q
  þ
    
    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the quarterly period ended September 30, 2010
 o
    
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the transition period from  to
 Commission file number 333-150925-01
 ATLAS RESOURCES PUBLIC 18-2009 (C) L.P.
  Delaware
    
    27-0213766(State or other jurisdiction of 
incorporation or organization)
    
    (I.R.S. Employer
Identification No.)Westpointe Corporate Center One1550 Coraopolis Heights Rd. 2nd FloorMoon Township, PA
    
    15108(Address of principal executive offices)
    
    (zip code)
 (412) 262-2830
 þ o
 o o
  Large accelerated filer o
    
    Accelerated filer o
    
    Non-accelerated filer o
    
    Smaller reporting company þ
 o þ




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##### 



ATLAS RESOURCES PUBLIC 18-2009 (C) L.P.
(A Delaware Limited Partnership)
INDEX TO QUARTERLY REPORT
ON FORM 10-Q
 PAGEPART I. FINANCIAL INFORMATIONItem 1: Financial StatementsBalance Sheets as of September 30, 2010 and December 31, 2009
    
    
    3Statements of Operations for the Three Months and Nine Months ended September 30, 2010 and for
the period September 17, 2009 through September 30, 2009
    
    
    4Statement of Changes in Partners Capital for the Nine Months ended September 30, 2010
    
    
    5Statement of Cash Flows for the Nine Months ended September 30, 2010 and the period September
17, 2009 through September 30, 2009
    
    
    6Notes to Financial Statements
    
    
    7-17Item 2: Managements Discussion and Analysis of Financial Condition and Results of Operations
    
    
    17-20Item 4: Controls and Procedures
    
    
    20-21PART II. OTHER INFORMATIONItem 1: Legal Proceedings
    
    
    21Item 6: Exhibits
    
    
    21SIGNATURES
    
    
    22CERTIFICATIONSExhibit 31.1Exhibit 31.2Exhibit 32.1Exhibit 32.2
   2




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ATLAS RESOURCES PUBLIC 18-2009 (C) L.P.
 
 BALANCE SHEETS
 September 30,
    
    
    December 31,2010
    
    
    2009(Unaudited)ASSETSCurrent assets:Cash and cash equivalents
    
    $
    1,200
    
    
    $
    26,313,800Accounts receivable  affiliate
    
    
    12,050,400
    
    
    
    1,219,300Short-term hedge receivable due from affiliate
    
    
    5,462,100
    
    
    
    3,639,400Total current assets
    
    
    17,513,700
    
    
    
    31,172,500Oil and gas properties, net
    
    
    231,927,900
    
    
    
    70,652,900Construction in progress
    
    
    4,030,600
    
    
    
    122,532,400Long-term hedge receivable due from affiliate
    
    
    6,129,100
    
    
    
    3,340,600$
    259,601,300
    
    
    $
    227,698,400LIABILITIES AND PARTNERS CAPITALCurrent liabilities:Accrued liabilities
    
    $
    516,700
    
    
    $
    24,900Short-term hedge liability due to affiliate
    
    
    8,600
    
    
    
    45,300Total current liabilities
    
    
    525,300
    
    
    
    70,200Asset retirement obligation
    
    
    1,291,700
    
    
    
    1,152,700Long-term hedge liability due to affiliate
    
    
    873,000
    
    
    
    548,700Partners capital:Managing general partner
    
    
    21,109,100
    
    
    
    10,510,800Investor subscription receivable
    
    
    
    
    
    
    (20,187,700
    )Investor partners (22,928.90 units)
    
    
    225,092,600
    
    
    
    229,217,700Accumulated other comprehensive income
    
    
    10,709,600
    
    
    
    6,386,000Total partners capital
    
    
    256,911,300
    
    
    
    225,926,800$
    259,601,300
    
    
    $
    227,698,400
   3




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ATLAS RESOURCES PUBLIC 18-2009 (C) L.P.
 
 STATEMENTS OF OPERATIONS
 (Unaudited)
 Period
    
    
    
    
    
    
    PeriodThree Months
    
    
    September 17,
    
    
    Nine Months
    
    
    September 17,Ended
    
    
    Through
    
    
    Ended
    
    
    ThroughSeptember 30,
    
    
    September 30,
    
    
    September 30,
    
    
    September 30,2010
    
    
    2009
    
    
    2010
    
    
    2009REVENUESNatural gas and oil
    
    $
    11,112,000
    
    
    $
    
    
    
    $
    26,428,000
    
    
    $
    Interest income
    
    
    1,900
    
    
    
    
    
    
    
    2,500
    
    
    
    Total revenues
    
    
    11,113,900
    
    
    
    
    
    
    
    26,430,500
    
    
    
    COSTS AND EXPENSESProduction
    
    
    3,677,200
    
    
    
    
    
    
    
    7,743,400
    
    
    
    Depletion
    
    
    5,597,600
    
    
    
    
    
    
    
    12,948,700
    
    
    
    Accretion of asset retirement obligation
    
    
    18,500
    
    
    
    
    
    
    
    55,600
    
    
    
    General and administrative
    
    
    28,400
    
    
    
    22,200
    
    
    
    90,200
    
    
    
    22,200Total expenses
    
    
    9,321,700
    
    
    
    22,200
    
    
    
    20,837,900
    
    
    
    22,200Net earnings (loss)
    
    $
    1,792,200
    
    
    $
    (22,200
    )
    
    $
    5,592,600
    
    
    $
    (22,200
    )Allocation of net earnings:Managing general partner
    
    $
    1,493,800
    
    
    $
    (6,700
    )
    
    $
    3,656,300
    
    
    $
    (6,700
    )Limited partners
    
    $
    298,400
    
    
    $
    (15,500
    )
    
    $
    1,936,300
    
    
    $
    (15,500
    )Net earnings (loss) per limited partnership unit
    
    $
    13
    
    
    $
    (18
    )
    
    $
    84
    
    
    $
    (18
    )
   4




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ATLAS RESOURCES PUBLIC 18-2009 (C) L.P.
 
 STATEMENT OF CHANGES IN PARTNERS CAPITAL
 FOR THE NINE MONTHS ENDED
 September 30, 2010
 (Unaudited)
 AccumulatedManaging
    
    
    
    
    
    
    Investor
    
    
    OtherGeneral
    
    
    Investor
    
    
    Subscription
    
    
    ComprehensivePartner
    
    
    Partners
    
    
    Receivable
    
    
    Income
    
    
    TotalBalance at January 1, 2010
    
    $
    10,510,800
    
    
    $
    229,217,700
    
    
    $
    (20,187,700
    )
    
    $
    6,386,000
    
    
    $
    225,926,800Partners capital contributions:Syndication and offering adjustment
    
    
    (60,600
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (60,600
    )Syndication and offering adjustment,
immediately charged to capital
    
    
    60,600
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    60,600Participation in revenues and expenses:Net production revenues
    
    
    4,858,000
    
    
    
    13,826,600
    
    
    
    
    
    
    
    
    
    
    
    18,684,600Interest income
    
    
    700
    
    
    
    1,800
    
    
    
    
    
    
    
    
    
    
    
    2,500Depletion
    
    
    (1,164,500
    )
    
    
    (11,784,200
    )
    
    
    
    
    
    
    
    
    
    
    (12,948,700
    )Accretion of asset retirement obligation
    
    
    (14,500
    )
    
    
    (41,100
    )
    
    
    
    
    
    
    
    
    
    
    (55,600
    )General and administrative
    
    
    (23,400
    )
    
    
    (66,800
    )
    
    
    
    
    
    
    
    
    
    
    (90,200
    )Net earnings
    
    
    3,656,300
    
    
    
    1,936,300
    
    
    
    
    
    
    
    
    
    
    
    5,592,600Other comprehensive income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    4,323,600
    
    
    
    4,323,600Asset contributions
    
    
    9,137,000
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    9,137,000Working interest adjustment
    
    
    (48,300
    )
    
    
    48,300
    
    
    
    
    
    
    
    
    
    
    
    Initial capital contribution returned
    
    
    (100
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (100
    )Distributions to partners
    
    
    (2,146,600
    )
    
    
    (6,109,700
    )
    
    
    
    
    
    
    
    
    
    
    (8,256,300
    )Subscription received
    
    
    
    
    
    
    
    
    
    
    20,187,700
    
    
    
    
    
    
    
    20,187,700Balance at September 30, 2010
    
    $
    21,109,100
    
    
    $
    225,092,600
    
    
    $
    
    
    
    $
    10,709,600
    
    
    $
    256,911,300
   5




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ATLAS RESOURCES PUBLIC 18-2009 (C) L.P.
 
 STATEMENT OF CASH FLOWS
 (Unaudited)
 PeriodNine Months
    
    
    September 17Ended
    
    
    ThroughSeptember 30,
    
    
    September 30,2010
    
    
    2009Cash flows from operating activities:Net earnings
    
    $
    5,592,600
    
    
    $
    (22,200
    )Adjustments to reconcile net earnings to net cash provided by operating activities:Depletion
    
    
    12,948,700
    
    
    
    Accretion of asset retirement obligation
    
    
    55,600
    
    
    
    Increase in accounts receivable-affiliate
    
    
    (10,831,100
    )
    
    
    Increase in accrued liabilities
    
    
    491,800
    
    
    
    22,200Net cash provided by operating activities
    
    
    8,257,600
    
    
    
    Cash flows from investing activities:Oil and gas well drilling contract paid to MGP
    
    
    (46,501,500
    )
    
    
    (7,450,000
    )Net cash provided by operation activities
    
    
    (46,501,500
    )
    
    
    (7,450,000
    )Cash flows from financing activities:Initial capital contribution by MGP
    
    
    (100
    )
    
    
    Partners capital contribution
    
    
    20,187,700
    
    
    
    7,924,400Distributions to partners
    
    
    (8,256,300
    )
    
    
    Net cash used in financing activities
    
    
    11,931,300
    
    
    
    7,924,400Net decrease in cash and cash equivalents
    
    
    (26,312,600
    )
    
    
    474,400Cash and cash equivalents at beginning of period
    
    
    26,313,800
    
    
    
    100Cash and cash equivalents at end of period
    
    $
    1,200
    
    
    $
    474,500Supplemental Schedule of non-cash investing and financing activities:Assets contributed by (returned to) managing general partner:Tangible drilling costs
    
    $
    8,167,200
    
    
    $
    437,000Lease costs
    
    
    969,800
    
    
    
    334,900Syndication and offering costs
    
    
    (60,600
    )
    
    
    1,188,700$
    9,076,400
    
    
    $
    1,960,600Asset retirement obligation
    
    $
    83,400
    
    
    $
    
   6




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ATLAS RESOURCES PUBLIC 18-2009 (C) L.P.
 
 NOTES TO FINANCIAL STATEMENTS
September 30, 2010
(Unaudited)
 NOTE 1  BASIS OF PRESENTATION
   NOTE 2  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 Use of Estimates
   Fair Value of Financial Instruments
   7




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ATLAS RESOURCES PUBLIC 18-2009 (C) L.P.
NOTES TO FINANCIAL STATEMENTS (Continued)
September 30, 2010
(Unaudited)
 NOTE 2  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
 Oil and Gas Properties
    Impairment of Long-Lived Assets
      8




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ATLAS RESOURCES PUBLIC 18-2009 (C) L.P.
NOTES TO FINANCIAL STATEMENTS (Continued)
September 30, 2010
(Unaudited)
 NOTE 2  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
 Working Interest
  Revenue Recognition
    9




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ATLAS RESOURCES PUBLIC 18-2009 (C) L.P.
NOTES TO FINANCIAL STATEMENTS (Continued)
September 30, 2010
(Unaudited)
 NOTE 2  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
 Comprehensive Income (Loss)
  Period
    
    
    
    
    
    
    PeriodThree Months
    
    
    September 17,
    
    
    Nine Months
    
    
    September 17,Ended
    
    
    Through
    
    
    Ended
    
    
    ThroughSeptember 30,
    
    
    September 30,
    
    
    September 30,
    
    
    September 30,2010
    
    
    2009
    
    
    2010
    
    
    2009Net earnings (loss)
    
    $
    1,792,200
    
    
    $
    (22,200
    )
    
    $
    5,592,600
    
    
    $
    (22,200
    )Other comprehensive income (loss):Unrealized holding gains on
hedging contracts
    
    
    4,719,200
    
    
    
    
    
    
    
    9,461,300
    
    
    
    Less: reclassification adjustment for gains realized
in net earnings (loss)
    
    
    (2,655,000
    )
    
    
    
    
    
    
    (5,137,700
    )
    
    
    Total other comprehensive income
    
    
    2,064,200
    
    
    
    
    
    
    
    4,323,600
    
    
    
    Comprehensive income (loss)
    
    $
    3,856,400
    
    
    $
    (22,200
    )
    
    $
    9,916,200
    
    
    $
    (22,200
    )
 Recently Adopted Accounting Standards
     10




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ATLAS RESOURCES PUBLIC 18-2009 (C) L.P.
NOTES TO FINANCIAL STATEMENTS (Continued)
September 30, 2010
(Unaudited)
 NOTE 2  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
 Recently Adopted Accounting Standards (Continued)
  Recently Issued Accounting Standards
    11




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ATLAS RESOURCES PUBLIC 18-2009 (C) L.P.
NOTES TO FINANCIAL STATEMENTS (Continued)
September 30, 2010
(Unaudited)
 NOTE 3  OIL AND GAS PROPERTIES
  September 30,
    
    
    December 31,2010
    
    
    2009Natural gas and oil properties:Proved properties:Leasehold interests
    
    $
    3,177,900
    
    
    $
    2,248,000Wells and related equipment
    
    
    241,649,000
    
    
    
    69,116,800244,826,900
    
    
    
    71,364,800Accumulated depletion
    
    
    (12,899,000
    )
    
    
    (711,900
    )$
    231,927,900
    
    
    $
    70,652,900
 NOTE 4  ASSET RETIREMENT OBLIGATIONS
    Period
    
    
    
    
    
    
    PeriodThree Months
    
    
    September 17,
    
    
    Nine Months
    
    
    September 17,Ended
    
    
    Through
    
    
    Ended
    
    
    ThroughSeptember 30,
    
    
    September 30,
    
    
    September 30,
    
    
    September 30,2010
    
    
    2009
    
    
    2010
    
    
    2009Asset retirement obligation at beginning of period
    
    $
    1,273,200
    
    
    $
    
    
    
    $
    1,152,700
    
    
    $
    Liabilities incurred from drilling wells
    
    
    
    
    
    
    
    
    
    
    83,400
    
    
    
    Accretion expense
    
    
    18,500
    
    
    
    
    
    
    
    55,600
    
    
    
    Asset retirement obligation at end of period
    
    $
    1,291,700
    
    
    $
    
    
    
    $
    1,291,700
    
    
    $
    
  12




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ATLAS RESOURCES PUBLIC 18-2009 (C) L.P.
 NOTES TO FINANCIAL STATEMENTS (Continued)
 September 30, 2010
(Unaudited)
 NOTE 5  DERIVATIVE INSTRUMENTS
     Fair Value of Derivative Instruments:
 Asset Derivatives
    
    
    
    
    Liability DerivativesDerivatives in
    
    
    
    Fair Value
    
    
    
    
    Fair ValueCash Flow
    
    Balance Sheet
    
    September 30,
    
    
    December 31,
    
    
    Balance sheet
    
    September 30,
    
    
    December 31,Hedging Relationships
    
    Location
    
    2010
    
    
    2009
    
    
    Location
    
    2010
    
    
    2009Commodity Contracts
    
    Current Assets
    
    $
    5,462,100
    
    
    $
    3,639,400
    
    
    Current liabilities
    
    $
    (8,600
    )
    
    $
    (45,300
    )Long-Term Assets
    
    
    6,129,100
    
    
    
    3,340,600
    
    
    Long-term liabilities
    
    
    (873,000
    )
    
    
    (548,700
    )Total Derivatives
    
    
    
    $
    11,591,200
    
    
    $
    6,980,000
    
    
    
    
    $
    (881,600
    )
    
    $
    (594,000
    )
  13




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ATLAS RESOURCES PUBLIC 18-2009 (C) L.P.
 NOTES TO FINANCIAL STATEMENTS (Continued)
 September 30, 2010
(Unaudited)
 NOTE 5  DERIVATIVE INSTRUMENTS (Continued)
 Effects of Derivative Instruments on Statements of Operations:
 Gain
    
    
    
    
    GainRecognized in OCI on Derivative
    
    
    
    
    Reclassified from OCI into Earnings (loss)(Effective Portion)
    
    
    Location of Gain
    
    (Effective Portion)Derivatives in
    
    Three Months Ended
    
    
    Reclassified from Accumulated
    
    Three Months EndedCash Flow
    
    September 30,
    
    
    September 30,
    
    
    OCI into Income
    
    September 30,
    
    
    September 30,Hedging Relationships
    
    2010
    
    
    2009
    
    
    (Effective Portion)
    
    2010
    
    
    2009Commodity Contracts
    
    $
    4,719,200
    
    
    $
    
    
    
    Natural Gas and Oil Revenue
    
    $
    2,655,000
    
    
    $
    
 Gain
    
    
    
    
    
    
    GainRecognized in OCI on Derivative
    
    
    
    
    
    
    Reclassified from OCI into Earnings (loss)(Effective Portion)
    
    
    Location of Gain
    
    
    (Effective Portion)Derivatives in
    
    Nine Months Ended
    
    
    Reclassified from Accumulated
    
    
    Nine Months EndedCash Flow
    
    September 30,
    
    
    September 30,
    
    
    OCI into Income
    
    
    September 30,
    
    
    September 30,Hedging Relationships
    
    2010
    
    
    2009
    
    
    (Effective Portion)
    
    
    2010
    
    
    2009Commodity Contracts
    
    $
    9,461,300
    
    
    $
    
    
    
    Natural Gas and Oil Revenue
    
    $
    5,137,700
    
    
    $
    
  Natural Gas Fixed Price Swaps
 Production
    
    
    
    
    
    AveragePeriod Ending
    
    Volumes
    
    
    Fixed Price
    
    
    Fair ValueDecember 31,
    
    (MMbtu) (1)
    
    
    (per MMbtu) (1)
    
    
    Asset (2)2010
    
    
    503,200
    
    
    $
    7.242
    
    
    $
    1,669,2002011
    
    
    1,272,100
    
    
    
    6.856
    
    
    
    3,119,8002012
    
    
    1,021,200
    
    
    
    7.172
    
    
    
    2,126,8002013
    
    
    656,800
    
    
    
    6.578
    
    
    
    882,1002014
    
    
    193,100
    
    
    
    5.897
    
    
    
    86,500$
    7,884,400
  14




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ATLAS RESOURCES PUBLIC 18-2009 (C) L.P.
 NOTES TO FINANCIAL STATEMENTS (Continued)
 September 30, 2010
(Unaudited)
 NOTE 5  DERIVATIVE INSTRUMENTS (Continued)
 Natural Gas Costless Collars
 Production
    
    
    
    
    
    
    
    AveragePeriod Ending
    
    Option
    
    Volumes
    
    
    Floor & Cap
    
    
    Fair ValueDecember 31,
    
    Type
    
    (MMbtu) (1)
    
    
    (per MMbtu) (1)
    
    
    Asset (Liability) (2)2010
    
    Puts purchased
    
    
    78,000
    
    
    $
    5.821
    
    
    $
    163,7002010
    
    Calls sold
    
    
    78,000
    
    
    
    7.041
    
    
    
    (100
    )2011
    
    Puts purchased
    
    
    676,200
    
    
    
    6.449
    
    
    
    1,444,5002011
    
    Calls sold
    
    
    676,200
    
    
    
    7.560
    
    
    
    (28,400
    )2012
    
    Puts purchased
    
    
    536,500
    
    
    
    6.025
    
    
    
    829,3002012
    
    Calls sold
    
    
    536,500
    
    
    
    7.194
    
    
    
    (174,000
    )2013
    
    Puts purchased
    
    
    619,000
    
    
    
    5.744
    
    
    
    910,4002013
    
    Calls sold
    
    
    619,000
    
    
    
    6.933
    
    
    
    (442,000
    )2014
    
    Puts purchased
    
    
    227,000
    
    
    
    5.621
    
    
    
    350,8002014
    
    Calls sold
    
    
    227,000
    
    
    
    6.732
    
    
    
    (229,000
    )$
    2,825,200Total Net Asset
    
    $
    10,709,600
 
 (1)
    
    MMBTU represents million British Thermal Units. Bbl represents barrels.(2)
    
    Fair value based on forward NYMEX natural gas prices, as applicable.(3)
    
    Fair value based on forward WTI crude oil prices, as applicable. NOTE 6  FAIR VALUE OF FINANCIAL INSTRUMENTS
  Level 1 
 Level 2 
 Level 3 
 Assets and Liabilities Measured at Fair Value on a Recurring Basis
 Note 5).
  15




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ATLAS RESOURCES PUBLIC 18-2009 (C) L.P.
 NOTES TO FINANCIAL STATEMENTS (Continued)
 September 30, 2010
(Unaudited)
 NOTE 6  FAIR VALUE OF FINANCIAL INSTRUMENTS (Continued)
 Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis
  NOTE 7  CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS
  
    
    Drilling contracts to drill and complete wells for the Partnership are charged at
cost plus 18%. The cost of the wells includes reimbursement to the Partnerships MGP of
its general and administrative overhead cost. The Partnership paid $46,501,500 to its
MGP for the nine months ended September 30, 2010 and $7,450,000 for the period ended
September 30, 2009.
 
    
    The Partnerships MGP contributed undeveloped leases necessary to cover each of the
Partnerships prospects and at September 30, 2010 and 2009 received a credit to its
capital account in the Partnership of $969,800 and $334,900, respectively.
 
    
    Administrative costs, which are included in general and administrative expenses in
the Partnerships statements of operations, are payable at $75 per well per month.
Administrative costs incurred for the three months and nine months ended September 30,
2010 were $20,700 and $48,200, respectively.
 
    
    Monthly well supervision fees, which are included in production expenses in the
Partnerships statements of operations, are payable at $975 per well, per month for
Marcellus wells, $1,500 per well, per month for New Albany and Indiana Wells, and $600
per well, per month for horizontal Antrim Shale wells. For all other wells a fee of $392
is charged per well, per month for operating and maintaining the wells. Well supervision
fees incurred for the three months and nine months ended September 30, 2010 were
$277,400 and $637,000, respectively.
 
    
    Transportation fees, which are included in production expenses in the Partnerships
statements of operations, for the three months and nine months ended September 30,
2010 were $1,244,200 and $2,891,900, respectively.
 
    
    Assets contributed from the MGP which are disclosed on the Partnerships statement of
cash flows as a non-cash activity for the nine months ended September 30, 2010 and
period ended September 30, 2009, were $9,137,000 and $771,900, respectively.
  16




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##### Table of Contents



ATLAS RESOURCES PUBLIC 18-2009 (C) L.P.
 NOTES TO FINANCIAL STATEMENTS (Continued)
 September 30, 2010
(Unaudited)
 NOTE 7  CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS (Continued)
  Subordination by Managing General Partner
  NOTE 8  COMMITMENTS AND CONTINGENCIES
 Legal Proceedings
   NOTE 9 — SUBSEQUENT EVENT-MERGER AGREEMENT
 )
    
 ITEM 2. MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS (UNAUDITED)
 Forward-Looking Statements
 When used in this Form 10-Q , the words believes, anticipates, expects and similar
expressions are intended to identify forward-looking statements. There are risks and uncertainties
that could cause actual results to differ materially from the results stated or implied in this
document. Readers are cautioned not to place undue reliance on these forward-looking statements,
which speak only as of the date hereof. We undertake no obligation to publicly release the results
of any revisions to forward-looking statements which we may make to reflect events or circumstances
after the date of this Form 10-Q or to reflect the occurrence of unanticipated events.
  17




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##### Table of Contents



BUSINESS OVERVIEW
   Results of Operations
  Period
    
    
    
    
    
    
    PeriodThree Months
    
    
    September 17,
    
    
    Nine Months
    
    
    September 17,Ended
    
    
    Through
    
    
    Ended
    
    
    ThroughSeptember 30,
    
    
    September 30,
    
    
    September 30,
    
    
    September 30,2010
    
    
    2009
    
    
    2010
    
    
    2009Production revenues (in thousands):Gas
    
    $
    11,111
    
    
    $
    
    
    
    $
    26,423
    
    
    $
    Oil
    
    
    
    
    
    
    
    
    
    
    3
    
    
    
    Liquid
    
    
    1
    
    
    
    
    
    
    
    2
    
    
    
    Total
    
    $
    11,112
    
    
    $
    
    
    
    $
    26,428
    
    
    $
    Production volumes:Gas (mcf/day) (1)
    
    
    19,470
    
    
    
    
    
    
    
    15,323
    
    
    
    Total (mcfe/day) (1)
    
    
    19,470
    
    
    
    
    
    
    
    15,323
    
    
    
    Average sales prices:Gas (per mcf) (1)
    
    $
    6.20
    
    
    $
    
    
    
    $
    6.32
    
    
    $
    Oil (per bbl) (1)
    
    $
    
    
    
    $
    
    
    
    $
    57.42
    
    
    $
    Liquid (per bbl) (1)
    
    $
    14.29
    
    
    $
    
    
    
    $
    16.00
    
    
    $
    Average production costs:As a percent of revenues
    
    
    33
    %
    
    
    
    
    
    
    29
    %
    
    
    Per mcfe (1)
    
    $
    2.05
    
    
    $
    
    
    
    $
    1.85
    
    
    $
    Depletion per mcfe
    
    $
    3.13
    
    
    $
    
    
    
    $
    3.10
    
    
    $
    
 (1)
    
    Mcf represents thousand cubic feet, mcfe represents thousand cubic feet
equivalent, and bbls represents barrels. Bbls are converted to mcfe using the ratio
of six mcfs to one bbl.  18




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##### Table of Contents



Natural Gas Revenues
 Oil Revenues
 Natural Gas Liquids Revenue
 Expenses.
   Liquidity and Capital Resources
     Subordination by Managing General Partner
   19




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##### Table of Contents



CRITICAL ACCOUNTING POLICIES AND ESTIMATES
  Fair Value of Financial Instruments
  Level 1 
 Level 2 
 Level 3 
   
 ITEM 4. CONTROLS AND PROCEDURES
   20




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##### Table of Contents



PART II OTHER INFORMATION
 
 ITEM 1. LEGAL PROCEEDINGS
   
 ITEM 6. EXHIBITS
 EXHIBIT INDEX
 Exhibit No.
    
    Description4.0
    
    
    Amended and Restated Certificate and Agreement of Limited Partnership for Public 18-2009 (C) L.P. (1)10.1
    
    
    Drilling and Operating Agreement for Atlas America Public 18-2009 (C) L.P. (1)31.1
    
    
    Rule 13a-14(a)/15d-14(a) Certification.31.2
    
    
    Rule 13a-14(a)/15d-14(a) Certification.32.1
    
    
    Section 1350 Certification.32.2
    
    
    Section 1350 Certification.
 
 (1)
    
    Filed on October 15, 2008 in the Form S-1A Registration Statement dated October 15, 2008, File No. 333-150925-01  21




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##### Table of Contents



SIGNATURES
  Atlas Resources Public 18-2009 (C) L.P.
Atlas Resources, LLC, Managing General PartnerDate:  November 12, 2010
    By:
    /s/ FREDDIE M. KOTEKFreddie M. KotekChairman of the Board of Directors,
Chief Executive Officer and PresidentDate:  November 12, 2010
    By:
    /s/ MATTHEW A. JONESMatthew A. JonesChief Financial Officer  22